A-LevelAccountingSole Trader Accounts / Capital and Profit CalculationOct/Nov 2009Paper 1 Q91 Mark
A new business was established with opening capital of $15 000. At the end of the year net assets were $20 000. During the year the proprietor's drawings were $3000 and this resulted in an overdraft at the end of the year of $4000. What was the profit during the year?
A$2000
B$4000
C$5000
D$8000
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of sole trader accounts / capital and profit calculation within the Accountingsyllabus. The examiner's mark scheme requires...
📋 Examiner Report & Trap Analysis
Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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